Hello,
I am a bitcoin trader and I own some bitcoins ( $250k worth ), some of which were purchased from my own country. Can I sell these in Australia and receive payment from other individuals in my bank account? Will it be considered as money laundering? Should I pay any tax?
** Bitcoins were bought from another country.
** Needs to be sold in AU
** As they are my own property and I have not earned anything from trading after I arrived here in Australia, do I have to pay taxes for converting them in AUD?
** I am an international student
** I know bitcoin is completely legal in Australia and considered as asset for capital gains tax (CGT). But will I be in trouble later with authority to apply for further visas like PR.
** Price of these bitcoins were a lot less (when I purchased 2 years ago ) than it is now (if I sell now).
Reference: Tax treatment of crypto-currencies in Australia - specifically bitcoin
I am a bitcoin trader and I own some bitcoins ( $250k worth ), some of which were purchased from my own country. Can I sell these in Australia and receive payment from other individuals in my bank account? Will it be considered as money laundering? Should I pay any tax?
** Bitcoins were bought from another country.
** Needs to be sold in AU
** As they are my own property and I have not earned anything from trading after I arrived here in Australia, do I have to pay taxes for converting them in AUD?
** I am an international student
** I know bitcoin is completely legal in Australia and considered as asset for capital gains tax (CGT). But will I be in trouble later with authority to apply for further visas like PR.
** Price of these bitcoins were a lot less (when I purchased 2 years ago ) than it is now (if I sell now).
Reference: Tax treatment of crypto-currencies in Australia - specifically bitcoin